You can file an extension, but if you have taxes that are owed, they will still charge you interest and penalties on what you haven’t paid in. The extension is only for FILING, not for PAYING.
Can they penalize me if I make an honest math error? I think with all the stress I am under I just make a mistake or two.
“You can file an extension, but if you have taxes that are owed, they will still charge you interest and penalties on what you haven’t paid in. The extension is only for FILING, not for PAYING”
I second this response.
You are better off adjusting w-4 and quarterlies. For quarterlies, figure out what the lowest amount you can send is that doesn’t trigger punitive penalties. I’ve never paid more that 300 in penalties to keep my money in the bank.
Well, duh, that’s why I addressed that very issue in my post!
Try reading it again.
Can't we cite Geitner on the penalties and interest?
You can file an extension, but if you have taxes that are owed, they will still charge you interest and penalties on what you haven’t paid in. The extension is only for FILING, not for PAYING.
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Pay the interest, it’s not that much